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Market Analysis Comparison <br /> ®' <br /> vs Proposed Developnxent Progranx <br /> 80,000 y app l�l ll lli it eo ��I`IIII <br /> 00 <br /> 6C,000 <br /> 10 <br /> .. 50,000 _ u <br /> Grandview Yard Garage—Columbus,Ohio jf 'i'l[ �ymvj+'�r� M11w" too •••• VjiAdilll� <br /> 1 o <br /> 6,000 <br /> �'` Reac�uti;,t <br /> CASTO / NP Realty Term Sheet Summary CASTO / NP Realty Term Sheet Summary <br /> Framework for Negotiation of the Development Agreement Framework for Negotiation of the Development Agreement <br /> Overview Development Program&Design <br /> Establishes general terms&conditions on which the Development Agreement mill be negotiated _ Establishes mirnimun square foot thresholds For office,retail/commercial,and residential uses <br /> Development Agreement must be approved by Ciry Council _ Architectural design must be of high quality and reflective of the Lakewoods chuacter established by <br /> Itis non-binding in that it establishes a framework For each part,to father consider as additional detail is y aiious architectural standards and guidelines of the Ciry <br /> developed doing the public development review process <br /> Affordable.Housing <br /> Conditions for Expiration _ Makes it clear that the Developer intends to participate in the City's Commm <br /> Community Reinvestment Area <br /> Term Sheet must beir .wed,signed,and retuned to the Cie,by Developer within thirty(30)calendar Affordable Housing Tax Abatement Pr gram providing a 15 vear tax abatement on one hundred percent <br /> days of the da e of theTerm Sheet(condition has been met) (100°/)of the improved building value of the residential areas of the properry <br /> There is and material adverse change in the financial condition or affairs of Developer From that currently <br /> represented to the Cit,such that in the reasonable determination of the Citv,Developer will be unable to Cormmmity Space <br /> complete the Project as contemplated by this Term Sheet _ Requires the Developer to construct,program,and maintain the community space with the Ciry enjoying <br /> A Preliminary and Final Planned Development Plan for the Property is not approved within twelve(12) certain to be determined rights For public access <br /> oaths <br /> A Development Agreement is not executed within twelve(12)months <br />